China’s Shenzhen sees trade swell, with ‘impressive’ volumes to the US amid tech war
- The first two months of 2024 were lucrative for the southern tech hub even as some of its biggest private players remain under sanctions imposed by Washington
- Asean shipments dominated trade while sales to the United States saw a year-on-year surge of 62 per cent in January and February
China’s southern tech hub saw a big rise in exports during the first two months of the year, buoyed by electric-vehicle demand and an influx of deals with countries included in the Belt and Road Initiative.
And analysts say the promising trade figures reported by Shenzhen could bode well for the central government’s goal of growing China’s economy by around 5 per cent this year while fending off geopolitical obstacles and Western tech curbs.
The value of goods shipped from the city during the two-month period reached 441.4 billion yuan (US$61.3 billion), which marked a year-on-year increase of 53.1 per cent, according to customs figures released on Tuesday. Meanwhile, the value of imports rose by 31.9 per cent, to 233.74 billion yuan.
The combined total value of foreign trade, at just over 675 billion yuan, was up 45 per cent from a year prior in the home base of US-sanctioned telecoms leader Huawei Technologies, tech giant Tencent, electric-vehicle firm BYD and drone maker DJI.
